Hungarian cryptraduers who sell cryptocurrency on platforms that have not received a license of a local regulator are threatened with a prison term of up to five years.
Hungary adopted a new law that introduces responsibility for the circulation of cryptocurrencies on unauthorized platforms. The punishment threatens not only platform operators, but also users
Hungary is fighting the illegal turnover of crypts
From July 1, the law that changed the Criminal Code entered into force in Hungary. Now, for transactions on unauthorized crypto platforms, you can get a prison term. Local media write that the law can affect about 500,000 people in Hungary, who legally purchased crypto assets.
Fines depend on the amount of the transaction:
• up to 50 million forints (about $ 146,000) – up to 2 years in prison
• from 50 million to 500 million forints (about $ 1.46 million) – up to 3 years in prison
• Over 500 million forints – up to 5 years in prison
• Services for illegal exchanges – up to 8 years in prison
Many cryptocurrencies in Hungary do not understand how the law will be applied, and fear criminal punishments. The Hungarian financial supervision department (SZTFH) received 60 days to develop the rules for compliance with a new law. Until that time, confusion will probably remain.
Crypto companies can leave Hungary
The market reacted instantly. Revolut, the well-known fintech platform, suspended cryptocurrency services for Hungarian customers after the adoption of the law.
Portfolio reported on Monday: Revolut again allowed to withdraw cryptocurrency. However, the full restoration of services is still in question due to the expectation of regulatory explanations.
Earlier in Uzbekistan, they offered to put to prison those who “slip a hamster.”
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Source: Cryptocurrency

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